What do you do if a vendor lacks the key qualities you look for?
Vendor management is a crucial skill that involves selecting and managing third-party vendors that supply goods and services to your business. When you encounter a vendor that doesn't meet your expectations or lacks key qualities, it can be a significant challenge. Your response to this situation can have a direct impact on your business's operational efficiency, reputation, and bottom line. It's essential to approach this issue with a strategic mindset, leveraging your negotiation skills, and seeking to improve or replace the vendor relationship as necessary.